SBNDC Adds 3-family to Portfolio

12 Mitchell Street. Photo courtesy Google Maps.

South Boston NDC recently closed on its latest acquisition, a three-unit rental building on Mitchell Street, near Andrew Square.

Purchasing the Mitchell Street property was made possible, in part, by strong relationships and support for SBNDC’s mission. Although selling to a nonprofit like SBNDC often takes longer than selling to a for-profit buyer (and can limit the potential profit), the building’s seller, local developer Colm Dunphy was willing to be patient. 

Dedham Savings Bank worked with SBNDC to refinance existing loans and free up the capital needed to make the purchase.

“Dedham Savings is a great banking partner,” said Donna Brown, SBNDC Executive Director. “They understand and believe in SBNDC’s mission, and support us in ways that truly matter – by making it possible for us to purchase more homes in South Boston and increase availability of affordable housing in this neighborhood.”